British regulator issued new guidance for crypto advertising
By May 2 of this year, the crypto companies have to ensure that their advertising materials meet the new requirements
22.03.2022 - 08:15
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What’s new? The UK Advertising Standards Authority (ASA) has issued new guidance for advertising cryptocurrencies called “Red Alert.” The regulator has asked more than 50 companies to make sure their materials meet the new requirements by May 2. This list includes Coinbase, eToro, Luno, and Crypto.com, CoinDesk reports.
What rules have been added to the new guidance? “Red Alert” requires advertisers to clearly state that cryptocurrency is not regulated in the UK, and also to mention that the “value of investments are variable and can go down.”
In addition, ads must not “imply that investment decisions are trivial, simple, easy or suitable for anyone,” and “create a fear of missing out.” On top of that, advertisers must not claim that investments are “low risk.”
The ASA previously blocked two Crypto.com ad campaigns for non-compliance. The regulator claims that the company’s materials did not properly illustrate the risks of the investments.
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